The internet abounds with stories of fledgling investors who have lost fortunes by gambling in search of the next 100X cryptocurrency. Oftentimes, those investors simply put far too many eggs in one basket. Then the bottom fell out and they lost everything.
The internet also abounds with stories of people who invested very small sums of money in Bitcoin (BTC-USD) back when it traded for fractions of a penny. Then there is the story of Bitcoin Pizza in which Laszlo Hanyecz bought two pizzas for 10,000 BTC. Those Bitcoins were worth $41 at the time in 2010. Those Bitcoins are worth more than $670 million today.
The point is simple: cryptocurrency can turn a small amount of money today into a lot of money in the future. So why not consider investing a small amount of money, say $10, in a few moonshot cryptos in an effort to secure similar gains?
GameStop (GSTOP-USD)
GameStop (GSTOP-USD) is a perfectly reasonable choice for cryptocurrency investors searching for the next 100x opportunity.
The cryptocurrency is currently garnering a lot of attention following the recent resurgence of the GameStop (NYSE:GME) stock. Like a lot of people, I don’t think there is any inherent value or utility in either investment. The GameStop stock phenomenon is simply an interesting historical quirk of the markets that we are still living through. Yet, there is money to be made although I wouldn’t suggest chasing it at all.
Instead, why not invest $10 in GameStop the cryptocurrency and chase 100x returns? $10 will buy you roughly 2,000 GameStop tokens. If that $10 investment provides 100x returns it grows to a value of $1,000. That’s probably not an amount of money that is particularly compelling in today’s world. However, the point here is that sometimes these kinds of cryptos return far more than 100X, such as in the case of Shiba Inu (SHIB-USD) a few years ago.
Bonk (BONK-USD)
Bonk (BONK-USD) certainly appears to be the kind of cryptocurrency that can explode in value overnight. It leverages many themes including the fact that it is a dog-inspired memecoin.
Over the last few years we’ve all seen how quickly odd things become trends. The dog-themed memecoin trend started with Dogecoin and many others followed. Shiba Inu is a prime example of the type of overnight success in returns that stems from these odd trends. Anyway, the point here is that Bonk leverages that trend. That itself could be enough to inspire a rapid wave of investment that sends prices sky-high.
The other important thing to note is that Bonk operates on the Solana (SOL-USD) blockchain. Adoption of the Solana blockchain is very strong right now owing to its transaction speeds and low fees. The movement away from Ethereum (ETH-USD) and toward Solana gives all projects leveraging its blockchain increased chances of success. That’s the other reason to consider directing $10 at Bonk.
The Graph (GRT-USD)
The Graph (GRT-USD) is another cryptocurrency that can’t hurt you if you invest $10 in it.
It’s also one that has great potential and is at least worth considering as a set-it-and-forget-it, inexpensive investment.
The Graph is essentially a blockchain search engine of sorts. The project indexes data from various blockchain projects. In other words, it’s essentially a centralized repository for blockchain data that can be very cumbersome.
Centralize the data and developers can much more easily query it. That’s the inherent utility of The Graph. Whether it will blossom into something much bigger remains to be seen. However, it at least has utility which has been sorely lacking throughout the cryptocurrency space for much of its early years.
Each token of the graph currently costs approximately 30 cents. Thus, $10 will get you roughly 30 GRT tokens. Who knows how much growth could come from that $10 investment over time?
On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
